BMO Capital Markets commented, "We like the long-term growth prospects of its mostly urban portfolio and its associated higher EBITDA margins. However, weaker-than-expected 3Q12 earnings related to softness in New York City revealed how tied company performance is to that market, which generates 44% of its EBITDA. High supply growth in New York City is expected in 2013/2014 and may add further headwinds to performance. Washington, D.C. (12% EBITDA) also continues to be affected by federal travel spending reductions and it too has high expected supply growth."